Triggering Event of Default definition

Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as to which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (i)(b) of the definition of Specially Serviced Mortgage Loan)). A Triggering Event of Default shall not exist to the extent a Note B Holder is exercising its cure rights in accordance with Section 11(b) or prior to the expiration of any cure period granted pursuant to Section 11(b).

Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) so long as any Note A is included in a Securitization (and only on and after the Note A Securitization Date) any non-monetary Event of Default (other than any imminent Event of Default) resulting in the Mortgage Loan becoming a Specially Serviced Mortgage Loan. A Triggering Event of Default shall not exist if the Note B-1 Holder is exercising its cure rights in accordance with Section 10 of this Agreement and the applicable cure period has not expired.

Examples of Triggering Event of Default in a sentence

• The right of a Note B Holder to exercise its purchase option hereunder shall automatically terminate upon the Purchase Right Cut-Off Date, subject to the possibility that such right will be reinstated if a Triggering Event of Default subsequently occurs.

• The right of the Note B Holder to exercise its purchase option hereunder shall automatically terminate upon the Purchase Right Cut-Off Date, subject to the possibility that such right will be reinstated if a Triggering Event of Default subsequently occurs.

• Agent shall have the right to apply the funds on account in any Prepayment Account if such application shall not result in any breakage costs or upon the occurrence of an Event of Default or Triggering Event of Default.

• Default Interest: If any Triggering Event of Default has occurred and is continuing, at the written request of the Required Lenders, the then otherwise applicable Applicable Margin and Letter of Credit Fees shall be increased by 2% per annum; provided that, for any LIBOR advances, at the end of the applicable Interest Period, interest shall accrue at the Base Rate plus the Applicable Margin plus 2% per annum.

• For purposes of this Term Sheet, “ Triggering Event of Default ” shall mean a payment or bankruptcy event of default.

More Definitions of Triggering Event of Default

Triggering Event of Default means an Event of Default of the type described in Section 8.1(a), 8.1(b), 8.1(g), or 8.1(h).

Triggering Event of Default means the occurrence of any Event of Default described in (i) Article VIII(a), (ii) Article VIII(b), (iii) Article VIII(c) (only with respect to any failure to timely perform, observe or comply with Sections 2.13, 6.1, 6.2, 6.4, 6.5 or 6.7 or Article VII), (iv) Article VIII(e), (v) Article VIII(h), (vi) Article VIII(i), (vii) Article VIII(j) or (viii) Article VIII(p).

Triggering Event of Default means either of the following: (a) any default in the payment of any Senior Debt when due (whether upon maturity, mandatory prepayment, acceleration or otherwise) beyond any applicable grace period with respect thereto; or (b) Excess Availability of Borrower shall be less than $1,500,000.

Triggering Event of Default means any Event of Default under Article VII(a), Article VII(h), Article VII(i), Article VII(j) or Article VII(p).

Triggering Event of Default has the meaning set forth in Section 7.1 hereof.

Triggering Event of Default has the meaning specified in the Intercreditor Agreement.

Triggering Event of Default means any one or more of the following (a) an Event of Default under Section 8.1, (b) the Borrower's failure to perform the covenant set forth in Section 7.20, (c) any representation, warranty or statement made by the Borrower in this Agreement, any other Loan Document, or in any other agreement or schedule, or otherwise made by the Borrower to the Agent or any Lender, whether orally or in writing, shall contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make such representation, warranty or statement in light of the circumstances under which it was made, not misleading, and the Borrower knew that such statement of material fact or omission of material fact was false or misleading, or (d) the Borrower, directly or indirectly, converts or appropriates or otherwise misemploys any Collateral or the proceeds thereof contrary to the provisions of this Agreement or any other Loan Document, including, but not limited to, the Borrower's direction to Account Debtors to make payments on Accounts in a manner other than as required by Section 2.6.